A Yonkers off-price retail store in business for more than 60 years will soon be shuting their doors for good.
Century 21 has 13 stores mostly in the New York City and the surrounding metropolitan area.
Century 21 has been hit particularly hard as millions of people are out of work and millions more are working from home and not needing to buy as many dress clothes.
Larger, national department store chains, such as JCPenney, Neiman Marcus and Lord & Taylor have filed for bankruptcy during the pandemic, with Lord & Taylor announcing its own plans to shutdown at the Ridge Hill Shopping Center in Yonkers.
Century 21 said the final straw was the fact that it did not get $175 million it had filed for under its business interruption insurance.
The stores management said the policy had saved it in the wake of the September 11 terrorist attacks — it had a store directly across the street from the World Trade Center, which was destroyed.
But it said it has not been able to get the payment this time.
There typically must be direct physical damage to a company’s place of business for these policies.
Many companies that file for bankruptcy use the process to shed debt and other liabilities and stay in business. JC Penney and Neiman intend to stay in business, but Century 21 and Lord And Taylor intend to shut down its stores in the city of hills and go out of business.